Very Little Bank Use by Nicaraguans in Costa Rica
The Academy of Central America heads a group of companies and institutions seeking to promote the use of banking services in this sector.
Monday, May 18, 2009
With funding from the Inter-American Development Bank (IDB) and the Office of Technical Cooperation of Spain, the project seeks to combat poverty in this immigrant sector, for which it is implementing different methods, including lower remittance costs, by intensifying the use of banking services such as savings accounts.
Panama ranks second in Latin America in number of bank branches and ATMs per 100,000 people with 90.28, surpassed only by Brazil with 99.37.
Manuel Orozco, coordinator for the Inter-American Dialogue Development and Remittances Program, recommended to lawmakers from Central America and the Dominican Republic that they encourage that the banking system be used to send family remittances.
The installation of ATMs using Mayan languages has led to increased banking activities by indigenous populations.
For every $100 that migrants send to their families between $30 and $35 are in some way related to banking services.
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